They will be fully vested after just three years.Įven before the sale, there was a lot of evidence employees liked working for QW. After one year with the company, staff members age 18 and above who work 20+ hours a week start accruing retirement units. This sort of ESOP is actually a trust that’s been created to purchase 100 percent of the equity in the company in order to provide retirement benefits for the company’s staff members. is also employee owned.) “We’ve sold our interest in QW to the QW ESOP Trust because we believe that it’s the optimal way for QW to be owned and managed in the future,” Dennis said in a press release about the sale.Īn Employee Stock Ownership Plan is a program that offers a company’s staff members an ownership stake in the company. The sale made the company one of only a few employee-owned restaurant and hotel companies in the United States and generated a lot of local media buzz. This past fall, Dennis and the other founders of QW announced that, after 28 years of operating one of the top-rated hotel and restaurant companies in the South, they had sold 100 percent of their company to its 600+ staff members. Green Building Council’s LEED Platinum level of certification. The Proximity later became the first hotel to earn the U.S. At that time the goal was LEED Gold for the 147-room property that features a solar hot water heating system on its roof and other energy-saving features. I first chatted with Dennis almost 10 years ago when his Quaintance-Weaver Restaurants and Hotels (QW) was building the Proximity Hotel in Greensboro, N.C. If a green lodging hall of fame existed, Dennis Quaintance would certainly be in it.
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